RBI adds eight tonnes gold to its reserves in November 2024: World Gold Council
The Hindu
Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India’s addition was 8 tonnes, the World Gold Council said in a report.
Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India's addition was 8 tonnes, the World Gold Council (WGC) said in a report on Monday (January 6, 2025).
In 2024, central banks, mostly those from emerging markets, remained keen buyers of gold, driven by the need for a stable and secure asset amid global economic uncertainties.
“Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. November represented another solid month of gold buying as central banks collectively added a net 53 tonnes to global official holdings,” WGC said in a report - Central bank gold statistics November 2024.
The gold price dip in November, following the U.S. election, may have provided some central banks with added impetus to accumulate, WGC said.
WGC further noted that the Reserve Bank of India (RBI) continued with its 2024 buying streak, adding a further 8 tonnes to its gold reserves in November.
This lifted the year-to-date buying to 73 tonnes and total gold holdings to 876 tonnes, maintaining its position as the second largest buyer in 2024, after Poland.
According to WGC, the National Bank of Poland (NBP) was a major buyer in November increasing its gold reserves by 21 tonnes in November, taking its total year-to-date purchase to 90 tonnes and the total holding to 448 tonnes.
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